The United States has imposed fresh sanctions on an Indian businessman, his wife and several companies over their alleged role in helping Iran bypass American restrictions on oil shipments. The action, announced by the US Treasury Department on Wednesday also targets individuals and businesses based in India and Turkey.
At the centre of the latest action is Indian businessman Suniel Kumar Sharma, whom the US has accused of operating a network involved in fraudulent ship registrations and certifications. His wife, Jaspreet Preeti Shahid, two other Indian nationals associated with businesses run by the couple, and nine companies linked to Sharma have also been named in the sanctions.
According to the US Treasury Department, the network allegedly provided false registration documents and certifications to ships transporting Iranian petroleum. Some of these vessels were reportedly linked to Iran’s military and its affiliated groups.
Treasury Secretary Scott Bessent said the US government would continue to go after anyone who supported Tehran. “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,” he said in a statement.
“As we have said many times, under Operation Economic Outcast, you are either with us or against us. We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air,” he added in a post on X.
Who are the Indians facing US sanctions?
- Suniel Kumar Sharma: The businessman accused of running the alleged fraudulent maritime registration network.
- Jaspreet Preeti Shahid: Sharma’s wife, who the US claims helped manage and support the network.
- Ashwani Kumar Dhiman: An Indian national who reportedly served as a director of businesses associated with Sharma.
- Ishwinder Singh: Another Indian national named by the Treasury for his alleged role in companies linked to the network.
According to the US government, Sharma and Shahid operated their network from Chandigarh and had been involved in setting up unauthorised maritime registration services since at least 2014.
How did the Indian couple allegedly help Iran?
The US Treasury alleges that Sharma and Shahid created websites and organisations that falsely claimed to represent the maritime registration authorities of several countries.
These platforms offered services such as ship registration, seafarer training, vessel certification and ship classification. However, the governments whose names were being used had reportedly not authorised the couple to provide these services.
The alleged network claimed to offer ship registrations under the flags of several countries and territories, including: Aruba, Guyana, Mali, Mozambique, Malawi, Sint Maarten, Timor-Leste, Eswatini, Laos
The US claims that these fraudulent registrations allowed ships carrying Iranian oil to operate under the flags of countries that had never officially approved their registration.
The Treasury also alleged that the couple’s network helped sanctioned oil tankers conceal their identities and continue transporting Iranian petroleum despite international restrictions.
What is a false flag ship registration?
Every commercial ship must be registered with a country and operate under its flag. This is known as flag registration. The country whose flag a ship carries is responsible for overseeing its compliance with maritime laws, safety requirements and other international regulations.
However, the US alleges that Sharma’s network exploited this system by issuing registration documents without approval from the countries concerned.
Such false registrations can make it harder for authorities to identify ships, monitor their activities and enforce sanctions.
The US Treasury also warned that vessels operating under false flags may lack valid protection and indemnity insurance. This could create major financial risks for countries if such ships cause accidents or environmental damage in their territorial waters.
Which Indian companies have been sanctioned?
- Oceaniek Technologies India
- Aryavart Ship Management Private Limited
- Eswatini Maritime Affairs and International Ship Registry PTE. Ltd.
- Precept Trends Private Limited
- Polynesia Maritime Private Limited
- Alexarya Finserv Private Limited
- Alexarya Media and Entertainment Private Limited
- Viharaboating Private Limited
- Aryavart Maritime and Educational Trust
According to the Treasury, Oceaniek Technologies India was used by Sharma to establish unauthorised ship registration services. Aryavart Ship Management and several other businesses were linked to Shahid.
The department also named Ashwani Kumar Dhiman and Ishwinder Singh, alleging that they acted on behalf of businesses associated with the couple.
What will the US sanctions mean for the Indian Businessman?
- Asset freeze: Their properties and financial interests falling under US jurisdiction will be frozen.
- Business restrictions: US citizens and companies are generally prohibited from conducting transactions with the sanctioned individuals and entities without specific authorisation.
- 50% ownership rule: Companies owned directly or indirectly, individually or collectively, at least 50% by sanctioned individuals or entities will also face restrictions.
- Risk for foreign businesses: Non-US individuals and companies could also face penalties for knowingly helping others violate or evade US sanctions.
What is operation economic outcast?
Operation Economic Outcast is a US campaign announced by Treasury Secretary Scott Bessent on August 24, 2026. Its stated objective is to restrict Iran’s access to international financial networks and cut off revenue sources that Washington says support the Iranian government.
The campaign focuses on networks involved in oil smuggling, sanctions evasion, money laundering and other activities that help Iran generate revenue.
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